Just like our clocks this weekend, in the majority of the country, the housing market will soon “spring forward!” Similar to tension in a spring, the lack of inventory available for sale has been holding back the market.
Many potential sellers believe that waiting until Spring is in their best interest. Traditionally, they would have been right.
Buyer demand has seasonality to it. Usually, this falls off in the winter months, especially in areas of the country impacted by arctic conditions.
That hasn’t happened this year.
Demand for housing has remained strong as mortgage rates have remained near historic lows. Even with an increase in rates forecasted for 2019, buyers are still able to lock in an affordable monthly payment. Buyers are increasingly jumping off the fence and into the market to secure a lower rate.
The National Association of Realtors (NAR) recently reported that in 2018 the top 10 dates sellers listed their homes all fell in April, May, or June.
Those who act quickly and list now, before a flood of increased competition, will benefit from additional exposure to buyers.
If you are planning on selling your home in 2019, meet with a RE/MAX Alliance agent to evaluate the opportunities in your market.
Here are four great reasons to consider buying a home in Hampton Roads today instead of waiting.
1. Prices Will Continue to Rise
CoreLogic’s latest Home Price Insight report revealed that home prices have appreciated by 5.6% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.7% over the next year.
The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.
2. Mortgage Interest Rates Are Projected to Increase
Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have hovered around 4.8%. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison, projecting that rates will increase in 2019.
An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.
3. Either Way, You are Paying a Mortgage
There are some renters who have not yet purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.
As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person building that equity.
Are you ready to put your housing cost to work for you?
4. It’s Time to Move on With Your Life
The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.
But what if they weren’t? Would you wait?
Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer, or you just want to have control over renovations, maybe now is the time to buy.
The lack of existing inventory for sale in Hampton Roads has forced many homebuyers to begin looking at new construction. When you buy a newly constructed home instead of an existing home, there are many extra steps that must take place.
To ensure a hassle-free process, here are 5 tips to keep in mind if you are considering new construction:
1. Hire an Inspector
Despite the fact that builders must comply with town and city regulations, a home inspector will have your best interests in mind! When buying new construction, you will have between 1-3 inspections, depending on your preference (the foundation inspection, the pre-drywall inspection, and a final inspection).
These inspections are important because the inspector will often notice something that the builder missed. If possible, attend the inspection so that you can ask questions about your new home and make sure the builder fixes any problems found by the inspector.
2. Maintain good communication with your builder
Starting with the pre-construction meeting (where you will go over all the details of your home with your project manager), establish a line of communication. For example, will the builder email you every Friday with progress updates? If you are an out-of-state buyer, will you receive weekly pictures of the progress via email? Can you call the builder and if so, how often? How often can you visit the site?
3. Look for builder’s incentives
The good thing about buying a new home is that you can add the countertop you need, the mudroom you want, or an extra porch off the back of your home! However, there is always a price for such additions, and they add up quickly!
Some builders offer incentives that can help reduce the amount you spend on your home. Do your homework and see what sort of incentives the builders in your area are offering.
4. Schedule extra time into the process
There are many things that can impact the progress on your home. One of these things is the weather, especially if you are building in the fall and winter. Rain can delay the pouring of a foundation as well as other necessary steps at the beginning of construction, while snow can freeze pipes and slow your timeline.
Most builders already have a one-to-two-week buffer added into their timelines, but if you are also in the process of selling your current home, you must keep that in mind! Nobody wants to be between homes for a couple of weeks.
5. Visit the site often
As we mentioned earlier, be sure to schedule time with your project manager at least once a week to see the progress on your home. It’s easy for someone who is not there all the time to notice little details that the builder may have forgotten or overlooked. Additionally, don’t forget to take pictures! You might need them later to see exactly where that pipe is or where those electrical connections are once they’re covered up with drywall!
Watching your home come to life is a wonderful experience that can sometimes come with hassles. To avoid some of these headaches, keep these tips in mind!
If you are ready to put your current home up for sale and find out what new construction is available in your area, call our office at 757-456-2345 and one of our agents can help you with the sale of your current home and the search for your new one.
- Buying a home can be intimidating if you are not familiar with the terms used during the process.
- To start you on your path with confidence, we have compiled a list of some of the most common terms used when buying a home.
- The best way to ensure that your home-buying process is a confident one is to find a real estate professional who not only puts your family’s needs first, but will guide you through every aspect of the transaction with ‘the heart of a teacher.’
Cooling temperatures and the arrival of pumpkin spice everything doesn’t mean that you need to head indoors just yet. Using your outdoor living space is a great way to enjoy the changing of the season and enjoy some outside time. Consider these 8 ways to extend your patio season into the fall.
- Add Some Warmth
Making sure that your outdoor living space is still enjoyable and comfortable will encourage you to use the space more often. Consider adding a patio heater that can easily radiate heat in a large of area for you and your guests. Choose from a variety of sizes and styles that fit your budget and the overall look of your outdoor patio area.
- Hang Some Lights
You’ll need some extra lighting with the sun setting sooner than it was earlier in the summer. Hang a few strands of lights around the perimeter of your outdoor space in order to add a touch of sparkle to prolong those after-dinner conversations. Choose from different styles that cater to your unique tastes and personality.
- Cuddle Up with Throws
As temperatures continue to drop, make sure to always have a stack of fresh, cozy throw blankets ready for friends and family so they aren’t scared back inside by the crisp fall air. Consider storing blankets in a weather-tight box outdoors to keep them dry and ready for use.
- Add Some Ambience
To create a truly enjoyable outdoor ambience, consider adding a popular fire pit to your patio to encourage those guests to stay awhile. Not only does a fire pit add an extra layer of warmth but it provides a point of interest to an outdoor living space. Invite friends over to roast some hot dogs over the fire and indulge in gooey s’mores for dessert.
- Sip Some Tea
Wrapping up in a cozy blanket to read a book and enjoy a hot cup of tea, or hot chocolate, is the epitome of fall that many homeowners love. Make sure to provide enough side table space next to outdoor chairs for ultimate comfort while diving into a good book. Use a simple outdoor tray to carry sweeteners and sugar cookies to enjoy with your warm beverage.
- Leave the Leaves
You may want to immediately rake up fallen leaves on your patio, but consider letting them fall where they may to really set the scene of your outdoor space. The colors of fallen leaves provide those seasonal scents that remind of autumn-and they can be mulched for your fall lawn careneeds.
- Add Fall Color
Pumpkins are a welcome addition to any outdoor space this time of year. Pick up a few different shapes, colors and varieties of the orange gourds to add a pop of instant seasonal color to your patio. Stack and store pumpkins on your patio before carving them later in the season.
- Have A Game Center
Fall is a great time to enjoy lawn games that carried over from the summer. Many homeowners find that fall is the better season to enjoy a quick game of horseshoes or croquet in the comfortable, cooling temperatures. Create a game center on your patio that is easy for guests to access and invite your friends and family to join you outdoors for a friendly competition.
Extending your patio season is easy with these eight tips to help your patio pop well into the fall.
Freddie Mac, Fannie Mae, and the Mortgage Bankers Association are all projecting that home sales will increase nicely in 2019. Below is a chart depicting the projections of each entity for the remainder of 2018, as well as for 2019.
As we can see, Freddie Mac, Fannie Mae, and the Mortgage Bankers Association all believe that homes sales will increase steadily over the next year. If you are a homeowner who has considered selling your house recently, now may be the best time to put it on the market.